ASE Technology Holding Co., Ltd. (ASX)
Technology · NYQ · US
Fundamentals
Valuation and ratings
ASE Technology Holding Co., Ltd. trades at USD39.51, which is 39% above the USD24.26 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 49 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 64.1 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About ASE Technology Holding Co., Ltd.
ASE Technology Holding Co., Ltd., together with its subsidiaries, provides semiconductor manufacturing services in the United States, Taiwan, rest of Asia, Europe, and internationally. It operates through Packaging, Testing, and EMS. The company offers semiconductor packaging, interconnect materials production, front-end engineering testing, wafer probing, and final testing services, as well as integrated solutions for EMS (electronic manufacturing services) in relation to computing, peripherals, communications, industrial, automotive, and server applications. It also provides turnkey services, such as packaging, testing, and direct shipment of semiconductors to end users; wire bonding, including lead frame and substrate-based packages; advanced packages; heterogeneous integration; and other test-related services. In addition, the company engages in the leasing of properties; development, construction, sale, and management of real estate properties; management of parking lot; leasing of properties for shopping center; and management of commercial complex services and department store trading activities, as well as offers social, marketing and sales, information software, leasing and investing, and after-sales and sales support services. Further, it engages in the substrates production; investment advisory and warehousing management; design and manufacturing of electronic components and new electronic applications; technical advisory; management, training, and consulting of organization and human resources; projection of plastic; manufacture and sale of antennas, RF amplifiers and wave straps, PCBs, and tuners; and research and development activities. ASE Technology Holding Co., Ltd. was founded in 1984 and is based in Kaohsiung, Taiwan.
ASX passes 1 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
10 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Ken Fisher, Fisher Asset Management, LLC$104.17M · 0.0% of book
- Steve Cohen, Point72 Asset Management, L.P.$36.30M · 0.1% of book
- Bridgewater Associates, LP$33.56M · 0.1% of book
- Marshall Wace, MARSHALL WACE, LLP$21.69M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$20.35M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is ASE Technology Holding Co., Ltd. (ASX) undervalued?
Against our discounted cash flow estimate of USD24.26, ASX at USD39.51 is 39% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own ASX?
10 of the institutions we track reported a position in ASX in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is ASX's P/E ratio?
ASX trades at 64.1 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.